12 Cities Wealthy Retirees Should Consider
Written by
Laura Beck
Edited by
Jenna Klaverweiden
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If you’ve saved up a pretty penny and want to retire somewhere swanky, you’ve come to the right place. GOBankingRates spoke with real estate experts and retirement experts to find out the top places to spend your golden years when you’re flush with cash.
Here are 12 cities wealthy retirees should consider.
Also see the three best and worst states for a luxurious retirement in 2024.
Naples, Florida: Where Luxury Meets the Beach
If you’re looking for a slice of paradise, Naples might just be your ticket to retirement heaven.
“Naples is a great place to retire because there is plenty to do all year round,” said Chelsea Werner, global real estate advisor at One Sotheby’s International Realty. “There’s a vibrant restaurant and art scene for those who aren’t interested in taking up golf and tennis.”
But don’t worry, golf enthusiasts — Naples has you covered too. “Naples offers a relaxed coastal lifestyle, world-class golf, luxury shopping and cultural events,” John Stevenson, CFF, from RetireGuide added.
And here’s the cherry on top: Florida has no state income tax. That means more money in your pocket for those beachside cocktails!
Miami: Retirement With a Side of Excitement
Who says retirement has to be quiet? If you’re looking for a bit more buzz, Miami might be your perfect match.
“Miami is perfect for retirees who want to get out and immerse themselves in fun new experiences,” said Omer Reiner, licensed Realtor and president of Florida Cash Home Buyers. “If you’re a retiree with a lot of available cash, you can find gorgeous homes in gated communities that allow you access to a diverse food scene and a wide range of cultural experiences.”
Werner agreed, adding, “Miami has a more vibrant city feel with activities and events during the off-season.”
Austin, Texas: Keep Retirement Weird (and Wonderful)
Looking for a retirement spot with a bit of an edge? Austin, Texas, might be calling your name.
Stevenson painted a tempting picture: “Austin offers a vibrant culture, booming real estate and outdoor activities. It’s got a lively scene of music, dining and nature with upscale neighborhoods.”
And don’t forget — like Florida, Texas has no state income tax. More money for live music and barbecue!
Scottsdale, Arizona: Desert Luxury at Its Finest
If you’re dreaming of desert views and top-tier amenities, Scottsdale should be on your radar.
“Scottsdale is ideal for sunny weather, desert beauty, luxury real estate and art culture,” Stevenson said. “It’s a golf paradise, with plenty of arts and year-round outdoor activities.”
Plus, Arizona doesn’t tax Social Security benefits, leaving you more cash for those spa treatments and art gallery visits.
Charleston, South Carolina: Southern Charm Meets Coastal Living
For those who prefer a side of history with their luxury, Charleston offers a unique blend of old-world charm and modern amenities.
“Charleston is ideal for Southern charm, luxury waterfront homes and rich history,” Stevenson said. “You’ve got historical tours, fine dining and coastal relaxation.”
South Carolina also doesn’t tax Social Security benefits, and property taxes are relatively low. More money for shrimp and grits!
Go International With These 2 Cities: Luxury Living Abroad
Chrissy Grigoropoulos, Esq., founder and managing attorney of The Grigoropoulos Law Group and author of “Ladyshark: How to Become a Millionaire in Your 30s,” thinks retirement is a perfect time to consider life abroad.
“San Miguel de Allende offers an unbeatable combination of culture and comfort while being cost-effective,” Grigoropoulos said. “Living expenses are 43% lower than in New York, and rent is 72% cheaper. Retirees can enjoy a high quality of life at a fraction of the price.”
Grigoropoulos also loves Lisbon. “Lisbon offers the European lifestyle at a bargain price. The cost of living is 50% lower than in New York and rent is 66% cheaper,” Grigoropoulos said.
She especially likes the healthcare benefits, saying, “As a legal resident, you have access to the National Health Service as well as private insurance options, meaning you have access to excellent healthcare with a range of accessible options to boot.”
The Florida Factor: 5 More Options for Sun-Seeking Retirees
Our experts couldn’t stop raving about Florida, so here are a few more Sunshine State options to consider.
First is Bal Harbour, Florida. According to Werner, it’s “a very walkable town with great beaches.”
Then there’s Key Biscayne, Florida. Werner described it as having “a small town feel” while still being close to Miami’s bustle.
You could also look into Jupiter, Florida. According to Werner, it’s “great for those wanting that country club feel all year round.”
Don’t forget about West Palm Beach, Florida. Reiner loves it for the “luxury homes and condos, beach access, and well-groomed golf courses.”
And finally, there’s Boca Raton, Florida — “a high-end city with stunning housing,” Reiner said. It’s perfect for long days at the beach and glam nights out.
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